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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

Goodwill consisted of the following as of:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Beginning Balance as of January 1

 

$

435,279

 

 

$

442,761

 

Purchase accounting adjustment

 

 

—

 

 

 

(522

)

Goodwill Impairment

 

 

(436,479

)

 

 

—

 

Currency translation adjustments

 

 

1,200

 

 

 

(6,960

)

 

 

 

 

 

 

 

Ending Balance

 

$

—

 

 

$

435,279

 

In the third quarter of 2023, the Company experienced a triggering event, due to sustained decreases in the Company's publicly quoted share price and market capitalization, prompting impairment assessments of goodwill and long-lived assets including definite-lived intangibles. As such, the Company assessed the definite-lived intangible assets or other long-lived assets for impairment by performing an undiscounted cash flow analysis to establish fair value. The significant estimates used in fair value methodology, which are based on Level 3 inputs, include the Company's expectations for future operations and projected cash flows, including revenue, gross margin and operating expenses. The assessment did not result in an impairment of definite-lived intangible assets or other long-lived assets, as they passed the recoverability test. No triggering events were identified in the fourth quarter of 2023.

The Company also identified indicators of goodwill impairment for the single reporting unit which required an interim goodwill impairment assessment in each of the three quarters. In performing the quantitative assessment of goodwill, our reporting unit’s carrying amount exceeded its fair value. The Company estimated the reporting unit's fair value based on its market capitalization and a related control premium of 30% (amount paid by a new controlling shareholder for the benefits resulting from synergies and other potential benefits derived from controlling the acquired company). The Company evaluates the implied control premium or discount by comparing it to control premiums or discounts of recent comparable market transactions, as applicable. As a result of the interim quantitative impairment assessments, the Company recorded $436,479 non-deductible, of non-cash goodwill impairment charges for the year ended December 31, 2023. The goodwill balance as of December 31, 2023 is $0.
Schedule of Finite-Lived Intangible Assets

Identified intangible assets consisted of the following as of:

 

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Carrying
Value

 

 

Weighted
Average
Remaining
Life

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

80,558

 

 

$

(33,109

)

 

 

47,449

 

 

 

6.5

 

Contractor relationships

 

 

535

 

 

 

(329

)

 

 

206

 

 

 

5.0

 

Trade name

 

 

14,303

 

 

 

(5,389

)

 

 

8,914

 

 

 

4.1

 

Technology

 

 

90,204

 

 

 

(45,482

)

 

 

44,722

 

 

 

3.3

 

Internally developed software

 

 

25,210

 

 

 

(6,253

)

 

 

18,957

 

 

 

2.4

 

 

$

210,810

 

 

$

(90,562

)

 

$

120,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Carrying
Value

 

 

Weighted
Average
Remaining
Life

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

80,168

 

 

$

(24,919

)

 

$

55,249

 

 

 

7.4

 

Contractor relationships

 

 

535

 

 

 

(288

)

 

 

247

 

 

 

6.0

 

Trade name

 

 

14,012

 

 

 

(3,050

)

 

 

10,962

 

 

 

5.0

 

Technology

 

 

89,262

 

 

 

(30,895

)

 

 

58,367

 

 

 

4.2

 

Internally developed software

 

 

10,155

 

 

 

—

 

 

 

10,155

 

 

 

3.0

 

 

$

194,132

 

 

$

(59,152

)

 

$

134,980

 

 

 

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization expense of the identified intangible assets as of December 31, 2023, is as follows:

 

2024

$

33,007

 

2025

$

32,991

 

2026

$

22,459

 

2027

$

11,603

 

2028

$

9,112

 

Thereafter

 

11,076

 

 

 

120,248